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CryoLife Second Quarter 2014 Revenues Increase 3 Percent to a Record $34.7 Million
Date:7/24/2014

of 2014 and 2013, respectively.Total gross margins were 64 percent in the first six months of 2014 compared to 65 percent in the first six months of 2013.  Product gross margins were 80 percent and 81 percent for the first six months of 2014 and 2013, respectively.  Preservation services gross margins were 42 percent in the first six months of 2014 compared to 45 percent in the first six months of 2013.General, administrative, and marketing expenses for the second quarters of 2014 and 2013 were $18.0 million and $16.9 million, respectively.  General, administrative, and marketing expenses for the first six months of 2014 and 2013 were $36.2 million and $34.9 million, respectively. 

Research and development expenses were $2.2 million and $1.7 million for the second quarters of 2014 and 2013, respectively.  Research and development expenses were $4.7 million and $3.7 million for the first six months of 2014 and 2013, respectively.  Research and development spending in 2014 was focused on PerClot, tissue processing, and BioGlue and BioFoam®

During the second quarter of 2014, the Company purchased 227,000 shares of the Company's common stock under the repurchase program at an average price of $8.83 per share, resulting in aggregate purchases of $2.0 million.

As of June 30, 2014, the Company had $36.8 million in cash, cash equivalents, and restricted cash and securities, compared to $43.0 million at December 31, 2013.  Of this $36.8 million in cash, cash equivalents, and restricted cash and securities, $6.0 million was designated as restricted cash and securities, primarily due to a financial covenant requirement under the Company's credit agreement.  The Company's net cash flows provided by operations were $2.9 million for the second quarter of 2014 compared to $5.2 million for the second quarter of 2013.  The Company's net cash flows provided by operations were $829,000 for the
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SOURCE CryoLife, Inc.
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